India's non-life insurers witnessed a dip in revenues in February, while standalone private health insurers' growth outpaced that of general insurers.
The gross premium underwritten by non-life insurers rose 13% year-on-year to Rs 22,378 crore in February, according to provisional data released by the General Insurance Council.
Key Highlights
Revenue for specialised state-run non-life insurers fell 7% year-on-year to Rs 1,094 crore.
The revenue of general insurers—offering insurance for home, travel, motor, health, fire, and other natural or manmade calamities—rose 12% over the preceding year to Rs 18,284 crore in February.
Standalone private health insurers' gross underwritten premium rose the most, at 29%, to Rs 3,000 crore from a year earlier.
Specialised state-run non-life insurers lost market share, while standalone private health insurers and general insurers gained market share as of Feb. 29.
How Three Listed Non-Life insurers Fared in February:
ICICI Lombard General Insurance Co.
Revenue rose 39% year-on-year to Rs 1,854 crore.
Market share increased to 8.72%, as compared with 8.37% last year.
The New India Assurance Co.
Gross premium was up 4% over the previous year at Rs 2,417 crore.
Market share fell to 12.97% from 13.57% a year earlier.
Star Health and Allied Insurance Co.
The gross premium for the standalone health insurer rose 19% over the previous year to Rs 1,414 crore.
Market share rose to 4.98% versus 4.79%.
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